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NEW YORK--([ BUSINESS WIRE ])--Link to Fitch Ratings' Report: Ford Credit Auto Lease Trust 2012-B (US ABS)

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=689743 ]

Fitch Ratings expects to assign the following ratings to the Ford Credit Auto Lease Trust 2012-B notes:

--$140,000,000 class A-1 'F1+sf';

--$290,000,000 class A-2 'AAAsf'; Outlook Stable;

--$280,000,000 class A-3 'AAAsf'; Outlook Stable;

--$49,423,000 class A-4 'AAAsf'; Outlook Stable;

--$37,000,000 class B 'AAsf'; Outlook Stable;

--$37,000,000 class C 'Asf'; Outlook Stable.

Key Rating Drivers

Strong Credit Quality: Credit quality for the pool is consistent with recent pools. The weighted average (WA) Fair Isaac Corp. (FICO) score is 745, and the term is 33.40 months, with 26.15% of the leases with terms of more than 36 months. The pool is geographically diverse with approximately nine months seasoning, consisting of 100% new vehicles.

Adequate Structural Protection: 2012-B is a sequential-pay structure. Initial hard credit enhancement (CE) for the class A notes totals 18.90% (8.00% subordinated class B and C notes, 9.90% initial overcollateralization [OC], and 1.00% reserve).

Consistent Lease Maturities: 2012-B consists of 71.02% undiscounted base residual value (RV), in line with prior pools. The lease maturities are well distributed, although eight months represent more than 5.00% of the total base RV with a single-month period in March 2014 accounting for 8.30% and 54.70% of the pool maturing in 2014.

State of the Wholesale Vehicle Market: The U.S. wholesale vehicle market (WVM) rebounded considerably during late 2009 to 2011 and remains strong in 2012. However, Fitch remains cautious on the potential impact of general economic weakness and rising fuel prices on demand for and values of used vehicles.

Stable Corporate Health: Fitch currently rates the long-term Issuer Default Ratings (IDRs) of Ford, the parent of Ford Credit, and Ford Credit 'BBB-' with a Stable Rating Outlook.

Consistent Origination/Underwriting/Servicing: Ford Credit demonstrates good capabilities as originator, underwriter, and servicer, as evidenced by historical delinquency and loss performance of its managed portfolio and securitizations. Fitch deems Ford Credit capable of adequately servicing 2012-B.

Legal Structure Integrity: The legal structure of the transaction should provide that a bankruptcy of Ford Credit would not impair the timeliness of payments on the securities.

The presale report is available to all investors on Fitch's web site at '[ www.fitchratings.com ]'. For more information about Fitch's comprehensive subscription service FitchResearch, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at [ 'webmaster@fitchratings.com ]'.

Additional information is available at '[ www.fitchratings.com ]'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria', June 6, 2012;

--'Criteria for Rating U.S. Auto Lease ABS', May 14, 2012;

--'Counterparty Criteria for Structured Finance Transactions, May 30, 2012;

--'Structured Finance Tranche Thickness Metrics', July 29, 2011;

--'Global Economic Outlook - New Threats and Old Risks', June 15, 2012;

--'United States of America', Aug. 19, 2012.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923 ]

Criteria for Rating U.S. Auto Lease ABS

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678137 ]

Counterparty Criteria for Structured Finance Transactions

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678938 ]

Structured Finance Tranche Thickness Metrics

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646951 ]

Global Economic Outlook - New Threats and Old Risks

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=665251 ]

United States of America

[ http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=540024 ]

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